European Commission proposes ban on Russian gold

The European Commission has proposed to Member States to introduce an import embargo on Russian gold.

The new measure is an extension of a decision made at the recent G7 summit in Schloss Elmau, Germany.

“Russia’s brutal war against Ukraine continues unabated, so today we propose to tighten, enforce and extend our harsh sanctions against the Kremlin until January 2023,” Commission President Ursula von der Leyen announced.

The import ban on gold is the most significant measure in the new package of sanctions, aimed mainly at closing loopholes to existing sanctions, providing more legal certainty for economic operators, and strengthening the enforcement of sanctions by governments. Among other things, the Commission aims, for example, to strengthen controls on the export of advanced technology and dual-use goods.

The European Union previously approved six sanctions packages against Russia, including an oil-import ban and far-reaching financial and economic sanctions.

The Commission proposes to extend these sanctions to January 2023. It also made clear once again that European sanctions have no effect whatsoever on trade in agricultural products between Russia and third countries.

The new package now has to be approved by the Member States.